Two batches of ultra-long special treasury bonds totaling 150 billion yuan (about 21.3 billion U.S. dollars) to support large-scale equipment upgrades have been fully allocated to projects across China, according to the National Development and Reform Commission (NDRC) on Sunday.
The bonds will further support equipment upgrades and recycling in over 10 fields, including industry, transportation, and logistics. More than 2 million units of equipment are expected to receive upgrades thanks to the funding, injecting new vitality into investments.
Some of the equipment upgrades will also go toward bettering educational facilities in east China's Zhejiang Province.
New desks, chairs, and folding beds have been introduced in primary and secondary schools, allowing students to take a 'lie-down' nap during lunchtime. In the province's universities, a batch of new research equipment has arrived in laboratories, with high-precision devices priced over 500,000 yuan being a key focus of this round of equipment upgrades.
As the heating season approaches, regions like northeast China’s Heilongjiang Province are accelerating insulation and heating system upgrades in old residential areas.
In central China's Hunan Province, the renovation and upgrading of underground pipe networks is expanding, enhancing the city's flood prevention and drainage capabilities. East China's Jiangsu Province has meanwhile accelerated the upgrade of elevators in old residential compounds.
In the industrial sector, manufacturing provinces like east China’s Shandong Province and south China's Guangdong Province are accelerating the green transformation of production lines in key energy-intensive industries such as steel, ceramics, and textiles, updating boilers, motors, and transformers.
150 bln yuan ultra-long special treasury bonds for equipment upgrading fully allocated
